Last Friday, people woke up to the news that the nation added 2.5 million jobs in May. Now that was surprising, not simply because people have gone to bed night after night with images of our downtowns on fire and the ensuing riots, but because economists told us the morning would bring humbling reports of nearly 20% unemployment.
So, why did the United States have its best single-month job gains since the 1940s? I’d first point to governors across the nation reopening their economies, which is resulting in job growth in the restaurant, retail, and hospitality sectors. The restaurant industry alone, which has been particularly wounded and a sector I have spent a great deal of time focusing on during these shutdowns, was responsible for 1.4 million of the jobs added last month.
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